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Adelphia close to record deal over corporate looting

Adelphia Communications, the bankrupt US cable giant, is close to agreeing a $725m (€558m) fine with the US Justice Department and the Securities and Exchange Commission to settle claims of corporate looting and accounting irregularities.

The fine would be one of America's largest corporate penalties. WorldCom, the collapsed US telecoms group, agreed a $750m settlement with the SEC in 2003.

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